MP Scott Benton is facing a 35-day ban from the House of Commons.
The Committee on Standards recommended the suspension for the former Tory after it found he committed a "very serious breach" of lobbying rules.
If approved by MPs, Rishi Sunak could face yet another by-election in Benton's Blackpool South constituency.
Benton was suspended earlier this year and had the whip withdrawn after he was caught by The Times offering to lobby ministers on behalf of gambling investors in exchange for money.
An investigation found he was prepared to leak market sensitive information to a bogus investment fund and ask parliamentary questions on its behalf, in breach of parliamentary rules.
The message he gave to the undercover reporters was “that he was corrupt and ‘for sale’, and that so were many other Members of the House”, the Standards Committee’s report said.
“He communicated a toxic message about standards in Parliament. We condemn Mr Benton for his comments which unjustifiably tarnish the reputation of all MPs.”
If the suspension is approved by MPs, constituents will be asked if they wanted to remove Benton as an MP by way of a recall petition. If more than 10% of the electorate want him gone, a by-election will be triggered.
